Introducing FansUnite: Sports Betting on the Blockchain
Gambling provides humans with a natural high, an adrenaline rush, a sense of anticipation that many pursue when looking for entertainment; which is why people always have, and always will, bet on sports. Viewers want to feel connected to the action, and there is no easier way to achieve this feeling of connectedness than to have a stake in the game. Sports betting satisfies a natural human inclination to participate, to want to feel involved in a contest between two otherwise unconnected parties.
It comes as no surprise then that the sports betting industry is booming. Estimates peg global sports betting to be worth north of one trillion dollars annually with steady growth being shown year over year. Countries historically opposed to gambling, like Vietnam and Japan, have enacted legislation in favour of legalization. These nations, and others in a similar position, will continue to be lured by the potential for millions in additional tax dollars to help bridge large budgetary deficits.
The United States, arguably the world’s largest sports betting market, is closer to legalizing sports betting than it has been at any point in the past 25 years. Last week, nineteen states joined West Virginia in support of New Jersey’s challenge to the federal sports betting ban.
The Problem
With such positive momentum propelling the likely legalization of additional markets in the near future, one might assume that bettors are well serviced by solutions available currently. Sports bettors know this not to be the case, and have to continue to tolerate issues including:
- High fees of up to 10% per bet;
- Lack of transparency in operations and resolution of bets;
- Limits placed on successful bettors and the unfair locking of accounts;
- Risk of entrusting financial information and funds to often less than trustworthy organizations; and
- Entrusting the fair resolution of your bets to a party with a vested interest in the transaction.
With the advent of blockchain technology, and more specifically the smart contracts of Ethereum, these issues are addressable. We believe the next generation of sports bettors should not be plagued by the existing unequitable situation.
This is why we are launching FansUnite.
Introducing FansUnite
Built on Ethereum and utilizing IPFS, FansUnite is giving sports betting the modern facelift it needs to properly serve bettors. Our platform will provide bettors confidence that their bets will be executed exactly as entered into, that payouts will be quickly and correctly executed, and information will be indisputably stored on the blockchain.
From being able to review the smart contracts responsible for bet execution, to having verifiable bets immutably stored on the blockchain, FansUnite will provide bettors with an unparalleled opportunity for transparency and security over their wagers. For the first time in history, bettors will also be able to engage in trustless betting. The utilization of smart contracts ensures that bets are resolved automatically, without the need to rely on data confirmed by the sportsbook on the other side of your bet. Rather, on FansUnite, bets will be resolved automatically based on results from preordained and independent external sources through an oracle. In addition, thanks to removing much of the spending bloat associated with large sportsbooks, FansUnite will also be able to reduce the fees paid by the individual bettor to a historically low 2%. We’re intent on building a house where everyone can win.
FansUnite was founded upon the principle that bettors operate better as a team. The new platform will continue to allow members to share their picks and collaborate with the goal of improving everyone’s probability of profitability, much like the existing platform viewable at FansUnite.com. Furthermore, members can analyze other bettors, follow profitable member’s picks and reap the benefits of working as a team. Community building incentivization will be provided to those members who contribute most to the unique sports betting community being created.
What this all means to a bettor cannot be overstated. This is an unprecedented value proposition for bettors who currently stand little chance of being profitable in the long-term and have to trust that their bets are resolved equitably and funds are held securely. In addition, we believe the FansUnite community will provide a more pleasurable and profitable betting experience for bettors.
FansUnite is the future of betting.
Our team is comprised of experts with years of experience in the sports betting industry, and we have partnered with thought leaders and experts in blockchain, iGaming law, and growth marketing. We believe we have the blueprint for disrupting the $1 trillion dollar betting industry at a global scale.
With your help, we will be the catalyst for the positive change sports bettors deserve.
